Anthony Valentino, a journalist for Mergermarket that covers M&A activity tweeted the company is unable to find a buyer for its business.

The tweet also noted that the sale process has "stalled."

Shares of Black Diamond, a company involved in the designing, manufacturing, and marketing of active outdoor performance equipment and apparel, responded immediately to a Tweet by Anthony Valentino, a journalist that covers M&A activity for Mergermarket.

$BDE unable to find buyer for its entire business, sale process has stalled, source close tells me. More details on @Mergermarket.

The company announced on March 16 that it was exploring a full range of strategic alternatives for its brands. The stock surged higher by more than 6 percent to $7.49 immediately following the announcement. The following day, the stock traded significantly higher as investors and traders reacted to management's announcement.

Meanwhile, the Street wasn't fully confident in the company. On March 27, analysts at Feltl & Co. downgraded the stock from Hold to Sell but maintained a $7.50 price target. A month later, on April 16, analysts at Stifel Nicolaus downgraded the issue to Hold from Buy while removing its prior $9 price target.

With little update on the M&A front, investors heavily sold the stock on August 11 when the company reported a second quarter loss of $5.4 million on revenue of $35.1 million. Shares were lower by nearly 17 percent following the earnings report.

Investors who were hoping for an update to the company's strategic initiatives may have been disappointed as management offered no update to its strategic initiatives.

"We currently plan to complete our strategic review process by the time the company reports its third quarter results in early November 2015," the company's CEO Peter Metcalf said during a conference call while also adding: "The company provides no assurance that the strategic review process will result in any completed transaction."

Management also refrained from fielding questions from analysts during the conference call at that time.